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Budget and Fiscal Plan 2021/22 – 2023/24

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Budget and Fiscal Plan 2021/22 – 2023/24 This page intentionally left blank. BUDGET AND FISCAL PLAN 2021/22 – 2023/24 April 20, 2021 National Library of Canada Cataloguing in Publication Data British Columbia. Budget and fiscal plan. –- 2002/03/2004/05- Annual Also available on the Internet. Continues: British Columbia. Ministry of Finance and Corporate Relations. Budget ... reports. ISSN 1207-5841 ISSN 1705-6071 = Budget and fiscal plan — British Columbia. 1. Budget — British Columbia — Periodicals. 2. British Columbia — Appropriations and expenditures — Periodicals. I. British Columbia. Ministry of Finance. II. Title. HJ12.B742 352.48’09711’05 C2003-960048-3 BUDGET AND FISCAL PLAN 2021/22 to 2023/24 April 20, 2021 | TABLE OF CONTENTS Attestation by the Secretary to Treasury Board Summary ............................................................................................................................................................ 1 Part 1: Three Year Fiscal Plan Introduction ........................................................................................................................................................ 5 Expense ............................................................................................................................................................... 6 Consolidated Revenue Fund Spending ................................................................................................... 6 COVID-19 Response & Recovery ......................................................................................................... 6 Protecting the Health and Safety of British Columbians ......................................................................... 8 Strengthening the Health Care for People ................................................................................... 8 Investing in Mental Health and Responding to the Overdose Crisis ............................................ 9 Supports for People and Businesses ........................................................................................................ 11 Reducing Poverty and Helping Those Most in Need ................................................................... 11 Affordable, Accessible and High-Quality Child Care ................................................................... 13 Making Life More Affordable ...................................................................................................... 14 Reconciliation with Indigenous Peoples ....................................................................................... 16 Investing in the Services British Columbians Count On .............................................................. 17 Support for B.C. Businesses......................................................................................................... 19 Preparing for Recovery ........................................................................................................................... 21 Targeted Training & Job Creation ............................................................................................... 21 CleanBC ..................................................................................................................................... 23 InBC Strategic Investment Fund ................................................................................................. 26 Investing in Communities ........................................................................................................... 26 BC Public Service ................................................................................................................................... 34 BC Public Sector Compensation ............................................................................................................ 34 Spending Recovered from Third Parties .................................................................................................. 34 Transfers to Service Delivery Agencies .................................................................................................... 35 Service Delivery Agency Spending .......................................................................................................... 35 Revenue .............................................................................................................................................................. 38 Major Revenue Sources .......................................................................................................................... 40 Capital Spending ................................................................................................................................................. 46 Taxpayer-Supported Capital Spending ................................................................................................... 46 Self-Supported Capital Spending ............................................................................................................ 55 Projects Over $50 Million ...................................................................................................................... 55 Provincial Debt ................................................................................................................................................... 61 Risks to the Fiscal Plan ........................................................................................................................................ 64 BUDGET AND FISCAL PLAN - 2021/22 to 2023/24 | i TABLE OF CONTENTS Tables: 1.1 Three Year Fiscal Plan .................................................................................................................. 5 1.2.1 Budget 2021 New Operating Spending Summary ........................................................................ 7 1.2.2 Pandemic and Recovery Contingencies Allocations for 2021/22 ................................................. 7 1.2.3 Investments for Mental Health and Addictions Services .............................................................. 11 1.2.4 Investments to Support Reconciliation ........................................................................................ 16 1.2.5 Investments in Justice and Public Safety Services ......................................................................... 19 1.2.6 Ongoing Business Supports from the Fall StrongerBC Economic Recovery Plan ............................. 20 1.2.7 2021/22 Investments to Support Recovery for People ................................................................. 23 1.2.8 Investments for CleanBC (including Contingencies allocations) ................................................. 24 1.2.9 CleanBC Program for Industry - Total Funding .......................................................................... 25 1.2.10 InBC Strategic Investment Fund ................................................................................................. 26 1.2.11 Investments to Support Recovery for Communities..................................................................... 27 1.3 Expense by Ministry, Program and Agency .................................................................................. 36 1.4 Revenue by Source ...................................................................................................................... 37 1.5.1 Comparison of Major Factors Underlying Revenue ..................................................................... 39 1.5.2 Corporate Income Tax Revenue ................................................................................................... 40 1.5.3 Sales Tax Revenue ........................................................................................................................ 40 1.5.4 Federal Government Contributions ............................................................................................. 44 1.6 Capital Spending ......................................................................................................................... 46 1.7 Provincial Transportation Investments ......................................................................................... 53 1.8 Capital Expenditure Projects Greater Than $50 Million .............................................................. 58 1.9 Provincial Debt Summary ........................................................................................................... 61 1.10 Provincial Borrowing Requirements ............................................................................................ 62 1.11 Provincial Debt Changes ............................................................................................................. 63 1.12 Key Fiscal Sensitivities ................................................................................................................. 64 Topic Boxes: Investing in Infrastructure to Support Recovery ..................................................................................... 28 Economic Recovery and the Path to Fiscal Balance ................................................................................. 30 A Collaborative Approach to Address COVID-19 Through Partnership with the Federal Government ... 45 Part 2: Tax Measures Tax Measures – Supplementary Information ....................................................................................................... 70 Tables: 2.1 Summary of Tax Measures ........................................................................................................... 69 ii
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